What do you guys do for single tracks and/or compilations?

Well, my iPod broke, and I'm going to get an iPod Classic soon (or an iPod touch depending on what I feel like at the store) and the coverflow feature is kind of weird if your library consists of alot of single tracks and mixes.

What I currently do is change the album artist to my name and the album name to some sort of name to describe it. Like for my Rock Compilation, I named all the album names Goblet of Rock, and for my Gospel, I named it Gospel Centric. However, I would like to know if there is a better way. What does ticking the "Compilation?" option do when editing tags under iTunes? Well I just want to know what some of you guys do to kep the integrity of your mp3's tags in order, while at the same time still being able to effectively utilize the cover flow how it was meant to be used.